Chipmaker Nvidia plans to invest up to $100 billion in artificial intelligence startup OpenAI under a new agreement, the companies said Monday.

The partnership comes as competition intensifies among technology giants and startups to secure access to energy and chips needed for AI growth.

The companies unveiled a letter of intent for a landmark strategic partnership to deploy at least 10 gigawatts of Nvidia chips for OpenAI's AI infrastructure.

The companies will finalize partnership details in the coming weeks, with the first deployment phase targeted to come online in the second half of 2026.

The investment comes days after Nvidia committed $5 billion to struggling chipmaker Intel.